Abaxx Prepares Exchange Opening Sequence and Final Notices

TORONTO, March 11, 2024 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets Podcast, announces the initiation of the final exchange trading launch sequence for Abaxx Exchange and Clearinghouse to open the market in each of its commodity futures contracts.

Highlights

• Abaxx Exchange and Abaxx Clearing will request approval from their respective Boards of Directors to provide final notices to open Abaxx markets pending the near-term finalization of a third clearing member application approval.
• With Abaxx Exchange and Clearing operational and markets open, the arrangement of first block trades in each market will be finalized and announced.
• Pending final notices, Abaxx Exchange and Abaxx Clearing will open with three approved clearing members, while additional clearing firms onboard through these clearing members or via applications as direct members of Abaxx Clearing.
• Abaxx has worked closely with market participants in three launch product verticals - LNG, Carbon and Nickel Sulphate to initiate trading.

Abaxx Commodity Futures Exchange and Clearinghouse Initiating Final Launch Sequence

The management and directors of Abaxx Exchange and Clearing have prepared resources, policies, procedures and systems of the exchange and clearinghouse and will attest to launch readiness pending final clearing member readiness requirements. Abaxx Clearing is in final review of an application from its third clearing member, following the approval of StoneX Financial Pte. Ltd. and KGI Securities (Singapore) Pte. Ltd.

Upon approval of this third clearing member application, Abaxx Clearing Singapore Pte. Ltd will request approval from its Board of Directors to provide final readiness attestations. We anticipate that this final Board review process, approval for launch, and submission of required notice will require approximately two weeks. Barring any unanticipated regulatory concerns in the final notice period, Abaxx Exchange and Abaxx Clearing will be operational and markets open.